- China has extended its RMB-FX cross-border cash-pooling regime to the entire country, lowering the barrier for small and mid-sized multinational groups to centralise treasury operations.
中国已将本外币跨境资金集中运营业务推广至全国，降低了中小型跨国集团统筹资金管理的门槛。- The scheme lets a group consolidate member firms’ external-debt and outbound-lending quotas into one account, with the parent free to set the concentration ratio and manage RMB and FX in a single pool.
该机制允许集团将成员企业的外债与境外放款额度归集至同一账户，主办企业可自主决定归集比例，并以同一账户统筹本外币资金。- Foreign-invested enterprises registered in free-trade zones enjoy a halved access threshold, and a “single-window” foreign-exchange bureau branch handles filing, with some changes delegated to cooperative banks.
注册在自贸试验区的外商投资企业享受减半的准入门槛，由所在地外汇局分局”一个窗口”办理备案，部分变更登记交由合作银行办理。- The regime expressly excludes financial institutions, local-government financing vehicles, and real-estate firms (except finance-company operators) from participation.
该机制明确排除金融机构、地方政府融资平台与房地产企业（财务公司作为主办企业除外）参与。- Effective 14 September 2026, the measure repeals the 2019 pilot rules and signals continued opening of cross-border capital mobility for genuine operating groups.
该措施自2026年9月14日起施行，废止2019年试点规则，标志着对真实运营集团跨境资金流动便利化的持续推进。- FIEs should map their in-scope entities, prepare the filing package, and align intercompany funding with the new concentration and reporting rules.
外商投资企业应梳理适用实体、准备备案材料，并使关联交易融资与新的归集及数据报送要求保持一致。
Nationwide Rollout of RMB-FX Cross-Border Cash Pooling for Multinationals (2026) | 跨国公司本外币跨境资金集中运营全国推广（2026）
Why this matters now
On 14 August 2026, the People’s Bank of China (PBoC) and the State Administration of Foreign Exchange (SAFE) jointly issued the *Notice on Matters Concerning the Cross-Border Centralised Operation of RMB and Foreign-Exchange Funds by Multinational Companies* (hereinafter the “Notice”). The Notice extends a pilot that had run since 2021 in selected regions to the whole country, and takes effect on 14 September 2026. For foreign-invested enterprises (FIEs) operating multi-entity groups in China, this is a material liberalisation: it lets a group concentrate and allocate onshore and offshore RMB and FX liquidity through a single structure, at a lower eligibility threshold than the integrated RMB-FX cash pool that was itself rolled out nationwide in December 2025.
The timing matters. As global groups reconfigure supply chains and treasury functions, China’s regulators are competing to keep multinational treasury operations onshore by offering genuine efficiency gains — fewer accounts, lower trapped cash, and simpler compliance — while still ring-fencing speculative and leveraged participants.
What changed: from pilot to nationwide
The cross-border centralised operation of RMB-FX funds (“the pooling business”) authorises a multinational to centrally manage its domestic and overseas RMB and FX funds, carrying out functions such as balance replenishment and shortfall adjustment, centralised receipts and payments of current-account items, and netting settlement. Prior to the Notice, the scheme was available only to companies in trial locations. The Notice makes it a national policy.
Crucially, the Notice repeals the earlier pilot document (Hui Fa [2019] No. 7). It should not be confused with the *integrated* RMB-FX cash pool promoted in late 2025, which targets large multinationals and carries a higher threshold. The 2026 scheme is deliberately the lower-threshold, broader-coverage option — “applicable to more small and mid-sized multinational companies,” in the regulators’ own words.
Eligibility and access thresholds
A multinational company, defined as an enterprise group linked by capital ties (parent, subsidiaries, and equity-participating companies at home and abroad), must designate one domestically incorporated independent legal person as the “host enterprise” (主办企业). The host is responsible for filing, implementation, data reporting, and feedback.
To qualify, an ordinary enterprise’s domestic members must meet one of these scale tests in the prior year:
- cross-border payments and receipts of at least RMB 700 million equivalent; or
- domestic operating revenue above RMB 1 billion; and
- overseas operating revenue above RMB 200 million equivalent.
For host enterprises registered in a free-trade zone (FTZ), the threshold is halved — a direct, continuing dividend for FIEs whose China treasury hub sits inside an FTZ. Hard requirements also cover compliance records, trade classification, and minimum numbers of domestic and overseas members.
Three categories are expressly excluded from participation: financial institutions, local-government financing vehicles, and real-estate enterprises — with the single exception that a finance company may act as host enterprise.
How the pool works in practice
Once approved, the group may:
- Consolidate external-debt and outbound-lending quotas of member enterprises into the pool, with the parent free to decide the concentration ratio.
- Manage RMB and FX in a single account, enabling group-level allocation and member-level flexible use.
- Prioritise RMB for cross-border business, in line with the regulator’s currency-internationalisation push.
- Conduct centralised current-account receipts/payments and netting settlement, reducing transaction count and FX conversion cost.
Filing is simplified: the host enterprise’s local SAFE branch acts as a “single window” for the record-filing, while certain change registrations are delegated to the cooperative bank, lowering the “shoe-leather cost” of compliance. The Notice also sets out clear conduct rules and ex-post supervision to prevent cross-border capital-flow risks.
Operational steps for an FIE group
- Map the group. Identify the domestic independent legal person best placed to be host, and list in-scope domestic and overseas member entities and their capital ties.
- Test eligibility. Confirm the scale thresholds (or the halved FTZ threshold) and clean compliance/trade-classification standing.
- Prepare the filing package. Document the funding model, the concentration ratio, and the list of members; designate the host’s responsibilities for data reporting.
- File at the local SAFE branch. Use the single-window filing; route routine changes through the cooperative bank afterwards.
- Align intercompany funding. Restructure intra-group loans and current-account netting to sit inside the approved pool, ensuring transfer-pricing and thin-capitalisation documentation stays consistent.
- Operate and report. Maintain the data feed to SAFE, keep segregated records, and review annually against eligibility.
Risks and compliance notes
The liberalisation is conditional. SAFE retains ex-post supervision and reserves the right to require corrective action where cross-border flows look speculative or where a member breaches the participation rules. FIEs should keep intercompany pricing defensible (the pool does not exempt related-party funding from transfer-pricing scrutiny) and ensure the host enterprise’s data reporting is timely and accurate. Real-estate, financial, and platform-affiliated groups should confirm they are not caught by the exclusions before relying on the scheme.
Related reading
- Pair this with our coverage of the multinational cash pool and cross-border payments for the broader treasury picture.
- For inbound equity, see our market-entry and foreign-investment articles.
跨国公司本外币跨境资金集中运营全国推广（2026）/ Nationwide Rollout of RMB-FX Cross-Border Cash Pooling for Multinationals (2026)
为何当下重要
2026年8月14日，中国人民银行与国家外汇管理局联合发布《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（以下简称《通知》）。该《通知》将自2021年起在部分地区试点的本外币跨境资金集中运营业务推广至全国，并自2026年9月14日起施行。对于在中国运营多实体集团的外商投资企业而言，这是一项实质性开放：它允许集团通过单一结构统筹境内外本外币流动性，且准入门槛低于2025年12月已全国推广的本外币一体化资金池。
时点很关键。随着全球集团重构供应链与财资职能，中国监管机构正通过提供切实的效率红利——更少的账户、更低的沉淀资金、更简化的合规——来留住跨国财资运营，同时仍对投机性和高杠杆参与者设置防火墙。
从试点到全国的变化
本外币跨境资金集中运营业务（”资金池业务”）是指跨国公司集中运营管理境内外本外币资金，开展资金归集和余缺调剂、经常项目资金集中收付和轧差净额结算等业务。此前该机制仅对试点地区企业开放，《通知》使其成为全国性政策。
重要的是，《通知》废止了早期的试点文件（汇发〔2019〕7号）。它也不应与2025年底推广的”本外币一体化资金池”混淆——后者面向大型跨国公司，门槛更高。2026年这一机制是门槛更低、覆盖更广的选项，正如监管者所言，”可惠及更多中小规模跨国公司”。
准入条件与门槛
跨国公司是指以资本为纽带，由境内外母公司、子公司、参股公司等组成的企业联合体。集团须指定一家具有独立法人资格的境内成员企业作为”主办企业”，由其负责备案、实施、数据报送与情况反馈。
普通企业境内成员须满足上一年度以下规模条件之一：国际收支规模不低于7亿元等值人民币；或境内营业收入10亿元以上；且境外营业收入2亿元等值人民币。注册在自贸试验区的企业门槛减半——这是财资中心落在自贸区内的外商投资企业直接且持续的红利。此外还对合规记录、贸易分类及境内外成员数量提出硬性要求。
三类主体被明确排除：金融机构、地方政府融资平台公司、房地产企业——唯一例外是财务公司可作为主办企业。
资金池的实际运作
获批后，集团可以：
- 集中成员企业外债和境外放款额度，由母公司自主决定归集比例。
- 以同一账户管理本外币资金，实现集团层面统筹调配、成员企业层面灵活使用。
- 优先使用本币开展跨境业务，契合监管推动人民币国际化的方向。
- 开展经常项目集中收付与轧差净额结算，减少交易笔数与汇兑成本。
备案流程简化：主办企业所在地外汇局分局”一个窗口”办理备案登记，部分变更登记交由合作银行办理，降低企业”脚底成本”。《通知》亦明确业务办理规范与事中事后监管要求，以防范跨境资金流动风险。
外商投资企业的操作步骤
- 梳理集团结构。 确定最适合担任主办企业的境内独立法人，列明适用境内外成员及其资本关联。
- 测试准入资格。 确认规模门槛（或自贸区减半门槛）及合规、贸易分类等硬性条件。
- 准备备案材料。 说明融资模式、归集比例与成员清单，明确主办企业的数据报送职责。
- 向所在地外汇局分局备案。 通过”一个窗口”办理；后续日常变更经合作银行处理。
- 理顺关联交易融资。 将集团内贷款与经常项目轧差纳入已批准的资金池，确保转让定价与资本弱化文档保持一致。
- 运营与报送。 保持向外管局的数据报送，分账管理，并每年复核资格。
风险与合规提示
开放是有条件的。外汇局保留事中事后监管权，并在跨境资金流动显属投机或成员违反参与规则时要求整改。外商投资企业应保持关联交易定价的可抗辩性（资金池不豁免关联融资的转让定价审查），并确保主办企业数据报送及时准确。房地产、金融及平台关联集团在依赖该机制前应确认未被排除条款覆盖。
延伸阅读
- 可结合本站关于跨国公司资金池与跨境支付的文章，了解更完整的财资图景。
- 关于入境股权，请参阅我们的市场准入与外商投资相关文章。
Sources
- 中国人民银行、国家外汇管理局发布《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（2026-08-14，2026-09-14 施行，全国推广，废止汇发〔2019〕7号）— 国家外汇管理局政策解读：<https://www.safe.gov.cn/big5/big5/www.safe.gov.cn/safe/2026/0814/27784.html>
- 中国人民银行、国家外汇管理局全国推广跨国公司本外币跨境资金集中运营业务（全文及门槛细则）— 新华财经：<https://www.cnfin.com/hs-lb/detail/20260814/4455459_1.html>
- 国家外汇管理局门户网站：<https://www.safe.gov.cn/>